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Survey of Current Business July 1923

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Survey of Current Business July 1923 MONTHLY SUPPLEMENT TO COMMERCE REPORTS UNITED STATES DEPARTMENT OF COMMERCE WASHINGTON SURVEY OF CURRENT BUSINESS COMPILED BY BUREAU OF THE CENSUS : BUREAU OF FOREIGN AND DOMESTIC COMMERCE : BUREAU OF STANDARDS No. 23 JULY 1923 CONTENTS Page. Pag«. Summary for May 1 Trend of business movements—Continued. Business indicators (diagrams and table) 2 Tobacco 37 Wholesale price comparisons (diagram and table) 4 Transportation 37 Comparison of wholesale price index numbers (diagram) 6 Labor 38 Business conditions in May 7 Price index numbers 38 Employment in basic industries (diagrams) 19 Distribution movement 39 Index numbers of production and marketing 21 Public finance 40 Trend of business movements: Banking and finance 40 Summary of business 23 Foreign exchange and trade 42 Textiles 24 Trade and industry of foreign countries 43 Metals 25 Monthly data since 1913 45 Fuel and power 27 Detailed tables: Paper and printing 28 Cotton 46 Rubber and automobiles 29 Public utilities 48 Glass and optical goods 29 Miscellaneous 50 Building and construction 29 World crop production 52 Hides and leather 32 Imports into the United States ,.. 54 Chemicals, naval stores, and oils 33 Exports from the United States 55 Foodstuffs 34 Sources of data 57 SUMMARY FOR MAY. Production of commodities continued at the level Distribution through wholesale channels was larger attained in March and generally exceeded the ApriJ than in April. Retail sales in mail-order houses made output. Several important industries, such as pig a seasonal decline, but chain-store and department- iron, steel ingots, petroleum, and automobiles, again store trade was larger than in April. Bank clearings made new high records. The large production did and debits to individual accounts also reflected not have any appreciable effect upon stocks on hand, increased trade. Business failures increased in num- but unfilled orders and sales again declined. ber, but total liabilities declined. Life insurance The advance in wholesale prices, which was arrested sales were less than in April, and security prices in April, turned into an unmistakable decline in May. declined. Retail food prices remained unchanged, but the cost The transportation situation shows a surplus of of living index advanced over April. idle cars in place of the previous shortage, while Employment continued to increase in May, and car loadings again made a record for this season of wages were reported as higher than in April. the year. 53850—23 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BUSINESS INDICATORS. (1913 monthly average=100. See explanation on inside front cover.) PIG IRON PRODUCTION. COTTON CONSUMPTION. BITUMINOUS COAL PRODUCTION. 1020 1921 1992 1.000 900 60C 600 400 ^V s A B v 100 8 X 8 8 8 8 INDE \ / A—f— \ / \ / 40 20 10 10 NET FREIGHT TON-MILES. EXPORTS (VALUES). BANK CLEARINGS OUTSIDE NEW YORK CITY (VALUES). 1920 1922 I92S 800 non 600 400 400 y^_ V 200 \J ^—> S 100 1 NUMBER X 90 5 eo 60 40 40 20 10 DEFAULTED LIABILITIES (VALUES). WHOLESALE PRICES. PRICES OF 25 INDUSTRIAL STOCKS. 1921 1922 1.000, I«B 900 D600 — 600 600 • ^^^ 300 *\ r w s ^ —s——- 100 80 uu 8 60 I 8 BO ri 40 40 /f 2Q 30 20 in i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BUSINESS INDICATORS. The following table gives comparative index numbers for a selected list of important business movements. It is believed that this table will prove useful, because it separates out from the large mass of material a comparatively small number of items which are often regarded as indicative of business in general. The table has been divided into two parts, the first containing those items for which index numbers can be calculated, using 1913 as a base. The second part contains items for which comparable data back to 1913 are not available. This latter group of index numbers is calculated by letting the 1919 monthly average equal 100. Care should therefore be exercised in comparing the absolute value of the two sets of data. In either group, however, the upward or downward trend of the index numbers, compared to previous months, does reflect the present tendency in each item and will give a basis for business judgment. MONTHLY AVERAGE. 1922 1923 COMMODITY. 1920 1921 ! 1922 Apr. May. ; June, j July, j Aug. Sept. Oct. Nov. j Dec. Jan. Feb. j Mar. Apr. May 1913 monthly average =100. Production: ; Pig iron • 119 54 87 81 90 92 94 \ 71 79 103 111 121 126 117 138 139 151 Steel ingots ! 135 64 114 115 128 124 117 | 104 112 135 136 131 153 138 160 156 167 Copper 99 39 81 75 90 93 92 | 98 95 101 101 103 110 101 120 116 122 Anthracite coal 97 99 58 1 2 65 112 112 111 114 102 117 106 112 Bituminous coal j 116 87 85 40 51 56 43 56 103 113 114 117 126 106 117 107 116 Crude petroleum j 178 189 222 216 224 220 225 225 219 231 230 242 249 234 271 281 299 Cotton (consumption) * < I 111 85 102 92 103 106 95 109 103 111 120 109 127 118 129 120 129 Beef ! 121 109 121 106 124 125 119 127 131 141 134 124 125 107 117 119 Pork j 111 116 129 105 133 149 117 109 101 113 146 183 188 156 177 153 Unfilled orders: Steel Corporation 170 90 96 86 89 95 98 101 113 117 i 116 114 117 123 125 123 118 Stocks: Crude petroleum 109 152 234 225 235 244 249 250 251 253 252 252 6 241 6 243 6 247 •252 6 260 Cotton (mills and warehouses) *«. J 150 183 161 151 128 103 87 83 138 184 191 193 176 156 142 124 103 Prices: j Wholesale index, all commodities (Dept. Labor) 226 147 149 143 148 150 155 155 153 154 156 156 156 157 159 159 156 Retail food (Dept. Labor) 203 153 142 139 139 141 142 139 140 140 145 147 144 142 142 143 143 Retail coal, bitum.—U. S. average (Dept. Labor) 207 197 188 177 175 175 175 184 205 205 208 207 206 205 ; 203 192 186 Farm crops (Dept. Agriculture)l... 238 109 113 115 118 119 118 114 110 110 118 123 126 130 134 139 140 Farm live stock (Dept Agriculture). 168 107 111 115 118 119 119 112 109 110 105 104 106 107 106 107 105 Business finances: Defaulted liabilities 108 230 229 322 195 168 176 177 162 152 177 256 217 179 | 213 227 181 Price 25 industrial stocks * 184 136 169 163 166 166 170 178 184 191 182 187 190 198 199 195 186 Price 25 railroad stocks * 67 64 75 74 76 74 77 82 83 83 76 74 74 79 78 76 73 Banking: Bank clearings, New York City 257 205 230 238 244 255 233 215 219 249 220 240 251 213 251 228 244 Bank clearings, outside N. Y. City.. 275 212 229 213 228 234 223 225 234 266 245 258 289 230 271 261 271 Commercial paper interest rate 127 113 76 79 74 70 65 68 72 76 76 80 80 80 87 89 89 Distribution: Imports (value) 294 140 174 145 169 i 174 169 188 200 185 195 196 221 203 266 244 248 Exports (value) 331 181 154 154 149 j 162 145 146 151 179 184 166 162 148 165 157 154 Sales, mail-order houses 264 188 204 196 194 | 174 154 157 190 268 277 287 243 232 290 272 260 Transportation: Freight, net ton-miles 137 105 114 90 102 | 106 99 111 125 144 139 i 132 138 | 119 144 140 i i , I 1919 monthly average=100. Production: Lumber« 100 85 114 107 126 132 122 129 124 123 124 96 109 99 131 130 135 Building contracts (floor space) 72 69 102 125 128 130 111 116 95 100 101 83 83 89 139 138 129 Stocks: Beef 70 43 27 27 24 21 20 20 22 28 40 48 48 42 38 33 27 Pork 97 85 70 76 83 94 91 81 67 47 50 68 82 92 102 112 109 Business finances: Bond prices index (40 issues) 86 87 107 107 108 I 108 109 111 112 110 107 107107 106 104 j 103 Banking: Debits to individual accounts, out- side New York City 114 91 97 94 92 98 93 90 94 105 98 112 I 112 96 112 i 107 116 Federal Reserve, bills discounted... 132 91 28 30 29 24 20 21 22 24 34 33 31 31 36 | 33 38 Federal Reserve, total reserves ! 97 122 144 143 143 144 145 146 146 147 146 144 147 146 145 145 146 Federal Reserve, ratio 87 122 154 156 155 154 158 158 156 155 152 144 153 152 150 153 152 * Monthly statistics on the movements since January, 1913, or as far back as availablo, are given on pages 47-49 of the December Survey (No. 16). i Monthly prices are for the 15th of the month indicated. »Based on the total computed production reported by 5 associations. Includes southern pine, Douglas fir, western pine, North Carolina pine, and Michigan hard and soft woods. The total production of these associations in 1919 was equal to 11,190,000,000 board feet, compared with a total lumber production for the country of 34,552,000,000 board feet reported by the census. " Less than 1.
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